Indian PP prices fall below the $1400/ton threshold in China
“Prices have dropped below $1400/ton in line with market expectations and further decreases may be possible as most buyers are sticking to the sidelines in anticipation of further price reductions. We think that prices will remain under downward pressure for the remainder of the year as we think that crude oil prices will remain below $80/barrel while sellers will look to speed up their sales in the last six weeks of the calendar year for bookkeeping purposes,” the trader commented.
Import homo-PP prices currently stand at $1378-1480/ton CFR China, cash equivalent basis, with the low end of the range consisting of Indian and Russian materials.
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